Synereo (AMP) VS Bitcoin Uptrend

Synereo (AMP) found the support at 17k satoshi and went up breaking above the 200 Moving Average. What is more important is that AMP/BTC has also broke above a very strong resistance at 6770 sats, that previously acted as a support as well as resistance, but today price managed to clearly close above that level, not to mention that the uptrend trendline has been rejected.

From this point, 6770 sats should act as a support pushing price higher. The first strong resistance is seen at 15k satoshi, where 50% Fibonacci retracement is. In addition, 261.8% Fibs, applied to the corrective wave after the MA breakout, is also at the 15k satoshi level. It seems that the uptrend continuation is just around the corner and price could double in the coming weeks. Break above 15k sats should send the price to 17600 satoshi, and if it breaks higher then it could be the actual trend reversal, rather than the correctional wave up. Only a break and close below the 200 MA could invalidate bullish outlook.



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